The stock fell as much as 7.6 percent, the most since March
6, before trading 6.1 percent lower at HK$1.85 as of 11:31 a.m.
Hong Kong’s benchmark Hang Seng Index was little changed.

Singamas expects 2012 net income to decline from the $138.6
million posted a year earlier as sales and gross profit margin
drop on the economic downturn in Europe and the U.S., the
company said in a Dec. 28 filing, without providing an earnings
figure. The market weakness may continue until the second half
of next year, it said in the filing issued after the market’s
close that day.

“Singamas has been hit by a waning demand for
containers,” said Lawrence Li, a Shanghai-based analyst at UOB-
Kay Hian Holdings Ltd. “Shipping companies reduced demand for
new boxes as they idled vessels amid a glut of ships and also
cut replacement budgets for existing ships to save costs.”

Containers are installed in container ships to move goods
such as toys, clothes and food. The current average price for
new twenty-foot boxes is about $2,200 each, Li said. By
comparison, prices could reach as much as $2,600 in September
and October, Singamas Chief Executive Officer Teo Siong Seng
said in August.